Harley Davidson, which in itself is suffering from financial ups and downs, has taken a decision to sell off its MV Agusta brand – something they bought with pomp in 2008 from the then owner Claudio Castiglioni. Now as the finances become tighter for the American brand, Harley Davidson is shedding its Italian liability and has announced that they are returning the reigns of the MV Agusta brand back to Claudio Castiglioni and his investment firm. And while H-D had paid a whooping $109-million for the Italian marquee (and a lot more to revamp the entire MV Agusta line-up for 2010), it is said that Claudio Castiglioni will pay a mere one Euro to buy MV Agusta brand back. Furthermore, there are reports that Harley Davidson will give MV Agusta and Claudio Castiglioni an additional financial support to strengthen the MV Agusta brand’s future.
Harley-Davidson President and Chief Executive Officer Keith Wandell said in a statement, “MV Agusta is a proud brand and we wish Mr. Castiglioni and the company’s employees well.” Quite a kind set of words there from Mr. Wandell, especially after coming out as a big loser from the Harley Davidson-MV Agusta deal! Now can we have Massimo Tamburini and the round pipes back on the F4 1000, Mr. Castiglioni?
To read the Official Press Release and to watch the MV AGUSTA F4 1000 PRESENTATION VIDEO, head over to the next page>>>
Official Press Release:
HARLEY-DAVIDSON FINALIZES SALE OF MV AGUSTA
MILWAUKEE, Aug. 6, 2010 — Harley-Davidson, Inc. (NYSE: HOG) has concluded the sale of its subsidiary, MV Agusta, to Claudio Castiglioni and his wholly owned holding company, MV Agusta Motor Holding, S.r.l., effective today.
Castiglioni is the former owner of the Italian motorcycle maker and has served as MV Agusta’s chairman since 2008, when Harley-Davidson acquired the company.
In October 2009, Harley-Davidson announced its intention to sell MV Agusta as part of a new corporate strategy to focus resources on the Harley-Davidson brand. Since then, Harley-Davidson has held discussions with various potential MV Agusta buyers.
“MV Agusta is a proud brand and we wish Mr. Castiglioni and the company’s employees well,” said Harley-Davidson President and Chief Executive Officer Keith Wandell. “Our decision to divest MV Agusta reflects our strategy to focus our efforts and our investment on the Harley-Davidson brand, as we believe this provides an optimal path to long-term growth.”
Harley-Davidson, Inc. is the parent company for the group of companies doing business as Harley-Davidson Motor Company (HDMC), Harley-Davidson Financial Services (HDFS) and Buell Motorcycle Company (Buell).
2010 MV Agusta F4 1000 Presentation Video: